According to Bloomberg, Meta will pay at least $10 billion over six years to use Google Cloud servers and storage to expand its AI capabilities.

Meta Platforms Inc. has agreed to a deal worth at least $10 billion with Alphabet Inc.’s Google for cloud computing services, according to people familiar with the matter, part of the social media giant’s spending spree on artificial intelligence.

KEY TAKEAWAYS Meta Platforms has reportedly agreed to spend more than $10 billion on cloud services from Google, as the search giant seeks to catch up with larger rivals in the space, namely Amazon Web Services and Microsoft Azure.